OpenSea has grown to become one of the leading markets for NFTs. It’s also the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed interest. As art becomes more digitalized, NFT becomes more lucrative.
If you’re set on investing through NFTs and want to start from an established marketplace will give you the leverage you require. This is the reason we created this review – OpenSea is always the top NFT marketplace. But is it right for you?
Before you begin our review, we’d like warn you. This review is quite lengthy. If you’d rather take a look at videos instead, you can check out this channel’s review. They’ll guide you through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.
If you prefer the written word, look over what it is before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
What is OpenSea? Nft Medium
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music game items, domain names.
It was established in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly expanding. One of the best things about these is that they permit users to post NFTs bought or created elsewhere.
What is the process behind OpenSea function?
If you’ve previously been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea All of the assets that are listed on the marketplace are held by users, not the platform. Because they’re an uncentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is successful your digital assets will never be removed from your wallet. In addition, you don’t have to create your account. All you require is to possess a wallet that is compatible with web3.
For those who are buyers, you can use their browser to look for NFTs you’d prefer to purchase. There are filters that can simplify your search.
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs that you can buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a examine each.
Music could be among the most well-known NFTs all time. It’s not just limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.
Even before NFTs became popular, some people were investing in collectibles such as baseball cards, film props, and even older technology.
As for NFTs, you can gather avatars and digital pet, or any other characters that could be sold or collected. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been one of the most popular NFT since before NFT was invented. As of today it is possible to do the same with digital art. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.
It is also possible to collect digital trading cards like the ones from Sorare and BCCG.
Sports-related digital items can also be collected, such as animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items and the VR environment virtual objects, characters, or even virtual lands. One popular instance is Axie Infinity.
As absurd as it may sound, you can also buy NFTs that have specific features. Examples come from Emblem Finance and Urbit ID.
Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you have to do is list them in the marketplace. All you need to do is to ensure that your account is linked. Once you’ve added your price and type of auction and you’re ready to go.
For the first time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. They are:
The seller is the one to pay the price for the NFT. Like the name suggests it is not subject to change.
In the Dutch Auction, the seller determines a price that will fall in the course of. Sellers generally set high prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.
The seller puts up an NFT for sale and will list the minimum price. This is in contrast to that of the Dutch Auction, where the price decreases as time passes. When it comes to the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
If you want to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by gaining a percentage of the artworks sold.
With OpenSea you only be charged 2.5% when you purchase an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent cost reasonable.
But, it is important to be aware that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem could be expensive. Your NFT collection will only be issued as a valid non-fungible token once your NFT bid is accepted. The costs for the process will vary based on the market, but you can anticipate it to be about $100 per NFT.
It is also important to be aware that some NFTs have extra commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit and debit card to make payments for or transfer funds. Nft Medium
The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages of using OpenSea.
OpenSea is decentralized, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Nft Medium
They also offer a range of digital assets, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good way for you to earn more income.
While it is decentralized and has one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as payment. With no support for fiat, it cannot support payments using currency like USD or Euros.
Additionally, you will need to set up your own crypto wallet to sell or buy from the platform.
Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.
The OpenSea ecosystem allows users to make transactions without having to worry about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
In the end, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
FAQ Nft Medium
What do I need to know so I can use OpenSea?
OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes, they have a support team that you can reach via their contact form. Just go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for sale. This is a simple and low-cost method, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The prices are driven by the market, so they fluctuate from time to time.
What do I need so I can use OpenSea?
OpenSea offers a mobile and desktop browser you can use. When you’re using the browser with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team you can reach via their contact form. Visit the official site and search for “Submit a request.”
Can you mint at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.
What are the costs for gas?
These are transactions costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The prices are driven by the market, therefore they change every now and then.